Genco Shipping & Trading Limited (NYSE:GNK) to Issue Quarterly Dividend of $0.40

Genco Shipping & Trading Limited (NYSE:GNK) announced a quarterly dividend on Wednesday, November 6th,NASDAQ Dividends reports. Shareholders of record on Monday, November 18th will be paid a dividend of 0.40 per share by the shipping company on Monday, November 25th. This represents a $1.60 annualized dividend and a yield of 9.06%. The ex-dividend date of this dividend is Monday, November 18th. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.34.

Genco Shipping & Trading has raised its dividend by an average of 59.3% annually over the last three years. Genco Shipping & Trading has a dividend payout ratio of 94.1% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Research analysts expect Genco Shipping & Trading to earn $1.92 per share next year, which means the company should continue to be able to cover its $1.60 annual dividend with an expected future payout ratio of 83.3%.

Genco Shipping & Trading Stock Performance

Shares of GNK opened at $17.66 on Friday. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.09 and a quick ratio of 2.49. The firm’s 50 day moving average is $17.39 and its 200-day moving average is $19.28. Genco Shipping & Trading has a 12-month low of $13.90 and a 12-month high of $23.43. The stock has a market capitalization of $755.14 million, a P/E ratio of 11.25, a P/E/G ratio of 0.28 and a beta of 0.98.

Genco Shipping & Trading (NYSE:GNK) last posted its quarterly earnings results on Wednesday, November 6th. The shipping company reported $0.41 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.41. Genco Shipping & Trading had a net margin of 15.63% and a return on equity of 8.46%. The firm had revenue of $99.33 million for the quarter, compared to analyst estimates of $72.02 million. During the same quarter in the previous year, the business posted ($0.09) earnings per share. The firm’s quarterly revenue was up 19.2% compared to the same quarter last year. Equities research analysts anticipate that Genco Shipping & Trading will post 1.74 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently commented on GNK. Jefferies Financial Group reaffirmed a “buy” rating and set a $25.00 target price on shares of Genco Shipping & Trading in a report on Thursday, November 7th. Deutsche Bank Aktiengesellschaft initiated coverage on Genco Shipping & Trading in a report on Wednesday, September 4th. They set a “buy” rating and a $22.00 price target on the stock. Finally, Stifel Nicolaus downgraded Genco Shipping & Trading from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $26.00 to $17.00 in a research note on Wednesday, October 23rd. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $24.20.

Genco Shipping & Trading Company Profile

Genco Shipping & Trading Limited, together with its subsidiaries, engages in the ocean transportation of drybulk cargoes worldwide. The company owns and operates dry bulk vessels to transports iron ore, grains, coal, steel products, and other drybulk cargoes. It charters its vessels primarily to trading houses, including commodities traders; producers; and government-owned entities.